While that eases some eurozone jitters, there are plenty of other issues investors can worry about, said Cardillo.

"The news out of Europe is good, but it doesn't cure all the problems," said Cardillo. "I think the market has made a bottom, and we'll sit within this trading range as we go through the next month of economic data -- but we still have slow global economic activity."

Economy: The Commerce Department's final reading on first-quarter GDP came in at 1.9%. Economists had expected GDP to remain steady at the previous revision of 1.8%.

Oracle (ORCL, Fortune 500) reported earnings after the bell Thursday. While earnings were in line with expectations, the company's software division struggled. Shares of Oracle slipped more than 3% in premarket trading.

Micron Technology's (MU, Fortune 500) weak earnings results sent shares of the company tumbling 12% before the opening bell.

Shares of ConAgra Foods Inc. (CAG, Fortune 500) slumped more than 3% in premarket trading, after the food company reported disappointing fourth-quarter earnings Thursday. The company said its bottom line is being hit by rising food prices and that profits in the current quarter are expected to decline.

Newell Rubbermaid's (NWL, Fortune 500) stock jumped more than 3% after the company named former Unilever (UN) executive Michael Polk as its new chief executive. Polk will succeed Mark Ketchum, who is retiring but will remain a director.

Other notable premarket movers included Public Storage (PSA), Scripps Networks (SNI), and Comcast (CMCSA, Fortune 500). Tiffany and Co. (TIF), First Solar Inc. (FSLR) and Radio Shack (RSH, Fortune 500) were down more than 1% before the opening bell.